Thursday, August 4th, 2011

How College and University Students Can Save Their Summer Job Earnings

Student Saving Money

Everyone’s situation is different, so there isn’t a savings plan that’s perfect for everyone.

It’s August, which means summer job season is half over for Canada’s college and university students. How much money have you saved?

If the answer is “not much,” don’t worry. You can start being diligent now. Better August than never.

Everyone’s needs and situation is different, so there isn’t a universal savings plan that’s perfect for everyone. But follow these simple tips to save now and you’ll thank us in September.

1. Plan ahead

Again, ideally you would have done this in May or June, but it’s not too late. You really need to sit down and map out your expenses like tuition, books and transportation for next year. Now map out how much money you can realistically make over the summer (or what’s left of it) and compare the two. Don’t forget to factor in help you will get from student loans, parents or other sources. Now you can map out what you need to sock away every paycheque.

2. Watch your shifts

If you’re working a job that gives you the same amount of hours every week, great. If you’re a server or work in retail, your hours may change from week-to-week. If you find your hours dipping, don’t be afraid to ask for more shifts—and never say no to being called in. If you’re still not earning enough, don’t be afraid to look for another position.

3. Remember You’re a Starving Student

Just because you’re earning new income, doesn’t mean you can start spending like a high roller. Treat yourself, but big nights out and video games can really hurt your savings.

4. Brown Bag it

Make your lunch before work or the night before. Just because there’s a Quiznos next to where you work, doesn’t mean you should eat there every day. You can easily lose more than $50.00 a week, before you realize it.

5. Just say no… when possible

Enjoy your summer. But enjoying your summer doesn’t mean partaking in every single night out your friends plan. Believe us, the words “Nah, I gotta work tomorrow and I’m beat” are more universally accepted than you think.

Ryan Leclaire
Author: Ryan Leclaire
Ryan has been writing for 7 years and has been featured in Chatelaine, Canadian Living and Cottage life.
Post a comment
  1. cuStudentloans Says:

     Hey Ryan, thanks for the article.  Every little bit of money saved can help, and working is a good thing for young people to do.

    However, student earnings and savings can potentially sabotage financial aid eligibility for students in the US. 

  2. Terrance Says:

    Nice article, I’m glad I see this now, before August.


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